TTCP invests in Indian realty market and was listed on the London Stock Exchange’s AIM (Alternate Investment Market) in 2006, raising GBP250 million of equity.

Carrousel which took a 14.3% stake in TTCL six months back had sent a requisition on 13 October, calling for an extraordinary general meeting demanding removal of two directors - Paul Orchard-Lisle and Rak Chugh with immediate effect. The hedge fund had also asked for two of its nominees Pradeep Verma and Andrzej Wiktor Sobczak be inducted as directors.

CCL had asked for a change in the company’s investment policy and demanded that Trikona’s existing portfolio of investments be realized in an orderly fashion to finance the return of cash.

Trikona has now said that the issue has been resolved with the addition of 2 new directors and it has committed to undertake a strategic review, including a review of ongoing investment policy and distribution of capital. apart from refraining from making investments in any new assets. The number of Trikona Trinity Capital’s board members goes up to 7. Carrousel, on its part, has withdrawn its requisition to call an extraordinary general meeting. According to Bloomberg, Trikona Trinity currently has a market capitalization of about GBP 96.88 million.

“The decision is entirely between Trikona Trinity Capital and Carrousel. We continue to support and work towards enhancing shareholder value," said Aashish Kalra, managing director, Trikona Capital Ltd, which manages TTCP’s fund.

Trikona fund in India invests in real estate and infrastructure related entities, with a target size of between GBP5 million and GBP30 million per transaction. The fund became fully invested in 12 months, ahead of schedule of 24 months.

Andrzej Sobczak in a statement said ’The new directors look forward to working with Trikona Trinity Capital and its management team with a view to maximizing shareholder value."